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Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt
15.
DEBT
 
[a]
Credit Facilities
The Company has an agreement for a credit facility that is drawn in euros that is secured with a USD cash deposit of 105% of the outstanding balance. As at December 31, 2020, the amount drawn was $101 million [2019 - $110 million] and the related restricted cash equivalent deposit was $106 million [2019 - $116 million]. Given that the credit agreement includes a netting arrangement that provides for the legal right of setoff, the remaining net deposit of $5 million [2019 - $6 million] is included in prepaid expenses and other
[note 4]
.
On April 13, 2020, the Company amended its
364-day
syndicated revolving credit facility, which included an increase to the size of the facility from U.S. $300 million to U.S. $1.0 billion and an extension of the maturity date from June 22, 2020 to April 12, 2021. On December 11, 2020, the Company amended this facility, decreasing the size of the facility from U.S. $1.0 billion to U.S. $750 million and extending the maturity date to December 10, 2021. The facility can be drawn in U.S. dollars or Canadian dollars. As of December 31, 2020, the Company has not borrowed any funds under this credit facility.
 
[b]
Commercial Paper Program
The Company has a U.S. commercial paper program [the “U.S. Program”] and a euro-commercial paper program [the “euro-Program”]. Under the U.S. Program, the Company may issue U.S. commercial paper notes up to a maximum aggregate amount of U.S. $1 billion. The U.S. Program is guaranteed by the Company’s existing global credit facility. There were no amounts outstanding as at December 31, 2020 and 2019.
Under the euro-Program, the Company may issue euro-commercial paper notes [the “euro notes”] up to a maximum aggregate amount of €500 million or its equivalent in alternative currencies. The euro notes issued are guaranteed by the Company’s existing global credit facility. There were no amounts outstanding as at December 31, 2020 and 2019.
Long-term borrowings
 
[a]
The Company’s long-term debt, which is substantially uncollateralized, consists of the following:
 
   
2020
   2019 
   
Senior Notes
[note 15 [c]]
          
Cdn$425 million Senior Notes due 2022 at 3.100%
  
$
333
 
  $327 
€550 million Senior Notes due 2023 at 1.900%
  
 
671
 
   615 
$750 million Senior Notes due 2024 at 3.625%
  
 
748
 
   747 
$650 million Senior Notes due 2025 at 4.150%
  
 
646
 
   645 
€600 million Senior Notes due 2027 at 1.500%
  
 
730
 
   670 
$750 million Senior Notes due 2030 at 2.450%
  
 
741
 
   —   
Bank term debt at a weighted average interest rate of approximately 4.23% [2019 – 4.97%], denominated primarily in Chinese renminbi, Brazilian real, euro and Indian rupee
  
 
189
 
   105 
Government loans at a weighted average interest rate of approximately 1.54% [2019 – 1.63%], denominated primarily in euro, Canadian dollar and Brazilian real
  
 
32
 
   48 
Other
  
 
12
 
   11 
   
 
 
   
 
 
 
   
 
4,102
 
   3,168 
Less due within one year
  
 
129
 
   106 
   
 
 
   
 
 
 
   
$
3,973
 
  $3,062 
   
 
 
   
 
 
 
 
[b]
Future principal repayments on long-term debt are estimated to be as follows:
 
2021
  $129 
2022
   365 
2023
   722 
2024
   760 
2025
   647 
Thereafter
   1,479 
   
 
 
 
   $4,102 
   
 
 
 
 
[c]
All of the Senior Notes pay a fixed rate of interest semi-annually except for the €550 million and €600 million Senior Notes which pay a fixed rate of interest annually. The Senior Notes are unsecured obligations and do not include any financial covenants. The Company may redeem the Senior Notes in whole or in part at any time, at specified redemption prices determined in accordance with the terms of each of the respective indentures governing the Senior Notes. All of the Senior Notes were issued for general corporate purposes.
On June 8, 2020, the Company issued $750 million of 2.45% fixed-rate Senior Notes which mature on June 15, 2030.
 
[d]
The Company’s $2.75 billion revolving credit facility matures on June 24, 2024. The facility includes a $200 million Asian tranche, a $150 million Mexican tranche and a tranche for Canada, U.S. and Europe, which is fully transferable between jurisdictions and can be drawn in U.S. dollars, Canadian dollars or euros.
 
[e]
Interest expense, net includes:
 
   
2020
   2019 
   
Interest expense
          
Current
  
$
9
 
  $17 
Long-term
  
 
96
 
   87 
   
 
 
   
 
 
 
   
 
105
 
   104 
Interest income
  
 
(19
) 
   (22) 
   
 
 
   
 
 
 
Interest expense, net
  
$
86
 
  $82 
   
 
 
   
 
 
 
 
[f]
Interest paid in cash was $104 million
for the year ended December 31, 2020 [2019 - $103 million].